Managing financial issues in college is crucial as you don't have your parents or guardians around you to provide immediate help. Here, we provide 10 best tips to save money in college life.
You can gauge the seriousness of money matters in college by the fact that there is a phrase in urban dictionary called: starving student, which means 'a college student with limited pocket money, who makes do either by loan gratuity and/or a low paying part-time job. While the term "starving" may be an exaggeration, the "starving student" diet (often consisting of Ramen or other cheap packaged foods) is not'.
Best things in the world are free but all the good ones might not be. The new-found freedom in college is nothing without money to afford it. Hence, it is important to save whatever little bit you can when you can and luckily with these tips, you can easily do that.
Make a budget and stick to it
Keep in mind the money you have and make a budget according to it. Try to stick to it as much as you can so as not to burden yourself with the debt. It's the small expenses which add up to big ones and in the end you realize you are left nothing.
Borrow books from library
A lot of times, a course requires multiple books and readings which are not used more than a few weeks. These books are expensive and you could cut down on your expenses a lot by borrowing them from your college or public library. Alternatively, you could ask your seniors to give you the books they don't need for their semester and take them back later.
If you have the option of cooking at your dorm or flat, use it extensively. For example, a packet of pasta and sauce will be cheaper than pre-cooked pasta and you can also use it many times. This food will be both healthier and cheaper than what you buy from outside. Look out for sales and never go for shopping when you are hungry because this way, you will most probably end up buying more food than you need. Freeze things like chicken and buy them in bulk.
Use credit card instead of debit card
It's easy to go over your budget when you do not have a limit on expenses. Credit cards can make it difficult for you to stick to funds because you have to pay the bill in the end of the month and you always think it is possible until you figure out you cannot.
Make use of the student discount
You will find a discount for students almost everywhere you go from restaurants to buses to saloons. It's after all one of the best perks of being a student as you flash your student ID. It's really tough to figure if the retailers sympathize with the amount of new things you have to buy as a student at the start of the back-to-school season or if they are simply cashing in on your buying spree. Check out the awesome discounts students get to enjoy on electronics, clothing, and more.
Live in a hostel
Living in an independent flat can cost you more than a hostel because you have to pay everything from internet charges to food and security while all these charges are included in your hostel fee. It might look like a good idea to live an life away from watchful eyes of the wardens but it will definitely cost you a lot. Think before you take a decision.
Sell your stuff
It's always a good idea to sell out your stuff when you do not need it anymore. This way you will not only be earning money but also helping out someone. If you are a senior, you could sell anything like books or used furniture to your juniors.
Use public transport
With the rising prices of petrol and diesel, it would be a good idea to use public transport to commute between two places. If you have a metro facility in your city, it will save you from ever increasing traffic as well so that you do are not stuck at a place for hours.
Work an intern
You can make a good amount of money during summer and winter breaks which can last you for a long time by working for a company. It will also enhance your work ethics and make your resume experience rich. A win-win situation, right?
Apart from this, you can also try being a part of college experiments for departments like psychology etc. You can easily make 200-300 rupees for one single experiment and get free food. You can also look for entertainment in the college itself. For example, colleges usually charge their students much less for activities like swimming and playing other sports so you can save money while being fit and entertained.
Saving money is not as difficult as you thought it is and a little intent combined with smartness can take you a long way in making things financially feasible.